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Market Recap 28-10-2024

Sebencapital

Published
28/10/24
Market Recap 28-10-2024


Indian Indices

I) Nifty: opened at 24251 and touched a high of 24492 then a low of 24134 and closed at 24339 with a total of + 158 points in Positive

II) Bank Nifty: open 51061 and touched a high of 51589 then a low of 51012 and closed at 51259 With a total of + 471 points Positive

III) Fin Nifty: open 23887 and touched a high of 24033 then a low of 23826 and closed at 23861 With a total of - 129 points in Negative

IV) Nifty Mid Select: open 12323and touched a high of 12421 then a low of 12309 and closed at 12400 With a total of + 79 points in Positive


NSE Advance and Decline


Nifty 500 Top Gainer


Nifty 500 TOP LOSER


Sectoral Performance


Outperforming stocks vs nifty 500 over 1 week


Underperforming Stock vs Nifty 500 over 1 week


Stock With Rising Volume


Headlines

Indian Stock Market Headlines (October 28, 2024)

Today, the Indian stock market experienced a mix of gains and losses influenced by various sectoral performances and global cues. Here's a detailed look at the key happenings:

1. Adani Total Gas and Ultratech Cement Perform Strongly

Adani Total Gas saw a significant surge of over 8% following its Q2FY25 results, which showed a consolidated net profit of Rs 186 crore, up from Rs 172 crore in the previous quarter. The company's revenue for Q2 stood at Rs 1,320 crore, an increase from the previous quarter's Rs 1,240 crore​

2. Sectoral Highlights

The Nifty PSU Bank index led sectoral gains, rising by 1.22%, followed by the Pharma and Financial Services sectors. On the contrary, the FMCG sector faced declines due to delayed demand recovery and margin pressures​

.Hindustan Unilever Limited (HUL) and SBI Life were among the top losers on the NSE, reflecting the sectoral struggles.

3. Midcap and Smallcap Indices

The broader indices closed in the red, with the BSE MidCap index falling by 0.13% and the BSE SmallCap index slipping by 0.72%. This decline reflects the mixed responses in the broader market due to valuation corrections in various sectors​

4. Impact of Global Markets

Global economic factors played a significant role in today's market behavior. The rising US Treasury yields and the strong US dollar exerted pressure on the market. Asian markets traded lower, mirroring overnight losses on Wall Street, and concerns about the US Federal Reserve's rate-cut outlook further impacted investor sentiment​

5. Corporate Earnings and FII Activity

The recent corporate earnings season has shown mixed results, contributing to market volatility. Persistent selling by Foreign Institutional Investors (FIIs) has been a key drag on the market, although healthy PMI data for October and the Reserve Bank of India's growth guidelines for FY25 provided some support​

6. Market Technicals

Technically, Nifty formed a bullish inverted hammer pattern on October 23, but it needs to move above the 24,604 mark to signal a bullish trend. Support levels are seen in the 24,347-24,367 band​

7. Stock Specific Movements

Stocks such as Ultratech Cement, Shriram Finance, and Mahindra & Mahindra (M&M) were among the top gainers, reflecting sector-specific strengths and investor confidence in their strong market outlook​

Business News India. In contrast, stocks like HUL and SBI Life led the losers' list due to sectoral headwinds.

8. Economic Data and Predictions

Economic data from the US, including the drop in existing home sales to a 14-year low, and rising crude oil inventories, influenced market sentiment globally. The Federal Reserve's Beige Book indicated little change in economic activity, with modest growth reported in some districts, adding to the mixed economic backdrop​

In summary, today's market movements were shaped by sectoral performances, global economic factors, and corporate earnings. While certain sectors and stocks performed well, others faced challenges, reflecting the diverse and dynamic nature of the current market environment.


See our Last Market Recap Blog


Written by devesh gupta

I am Devesh Gupta, a Junior Analyst at Seben Capital, where I specialize in finance with a focus on market research and data analysis. I support investment decisions by translating complex financial data into actionable insights. My role at Seben Capital allows me to contribute significantly to our investment strategies, leveraging my analytical skills to drive success.

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